The only thing I am concerned about is the decreasing volume. Decreasing volume on an ascending pattern typically forecasts a drop. However, volume is not something TA can predict or calculate. However, with this pattern and declining volume, we do have past behavior that would suggest there is a 60% chance of a drop and 40% chance we go up. But in this case I am personally betting on the underdog.
Keep up the fantastic work @Cryptoman976
I really enjoy this thread and I’ve learned a lot from your input here along with several other members too.
We’re on the top trend line for now. I think if we could stay here, we’d be moving towards level $5200.
The only thing holding it down is that yellow/orange moving average (I’m assuming the 50 day?). Is the blue MA 7? Or 20? Either way, being on top of the former downtrend line with a moving average and uptrend line underneath, it looks promising!
Today the Bulls can show their horns.
MA 7 and 30 RSI 14…
It is testing those lines really hard…I’m still expecting a pop up in the short term. But it would be great if that could go ahead and happen already…
ETN update from my most recent charts above. I adjusted the support line slightly, but it has no affect overall on the pattern.
The day is not over yet, but it appears we are starting to break bearish right on the 80% mark of the ascending triangle. We have time to move back up into the pattern. But I’m watching it closely. The market doesn’t quite know what it wants to do today. There has been a lot of sell pressure overall, but the bulls have been defending enough to keep the losses as low as possible.
Well, we closed below the support line indicating a bearish move…but, you would typically see a fairly quick move once a pattern is broken. There are signs that this may be a fake break down and have a decent shot at moving back up into the pattern and possibly beyond (depending on what BTC wants to do). So not all is lost! Let’s see what happens over the next couple days!
Let’s hope there is news next week on the iOS beta and cloud mining to push things upwards
Today is Friday, so you never know. We could hear something today…but you are right. Probably next week. In the mean time, the target for this break down using conventional TA measurements is 175 sats, and we do have a large buy order on 175 on Kucoin.
This is unfortunate.
Not if you got that large buy order😂
I dont read too much into the etn chart at the moment. there is just no volume or special patterns. If we break the 220sat~ area it should be an insanely good time to buy though. Also right now is a good time, but there is no pattern visible, but it doesnt matter much, since we made a big correction from the highs and if you like ETN now is the time.
On the other hand the BTC chart tells us alot more.
We form what looks like an inverse head and shoulders and a confirmed (volume) break of the neckline would be a very good trading opportunity that you shouldnt skip . Also at the moment Volume is declining in BTC so that makes a big move even more likely.
BIg move coming soon ?
On ETN we corrected around 50% from the highs that is a great time to buy for hodlers.
Also volume is declining on the weekly, which is a sign for some movement soon as well.
Maybe this could be interesting to someone.
The correlation of volume and big moves in BTC over the last year. As you can see always when volume is low something big happened, thats why I believe we see the big move sooner than later.
100% correct. We broke the ascending triangle I was charting to the downside and have slowly fallen while BTC appears to be moving up to hopefully break the inverse head and shoulders neckline. If that happens, we may see some short term fireworks and a bounce on ETN.
The “target” far ETN since breaking the ascending triangle is 175 sats. But that does not mean we will get there. It is more of an estimation from TA measurments, so don’t take it as gospel. If you are looking to buy more ETN, it is a great price right now (not financial advice)
Its good accumulate time
I don’t have my charts available as I am mobile right now, but I want to follow up with the above statement about BTC.
I fully expect BTC to follow what both ETH, and now LTC, has done and move up in the short term. Full disclosure, I have made a small BTC purchase myself so I am putting my money where my mouth is.
Over the past ~16 hours LTC has made gains on its’ own inverse head and shoulders while BTC has yet to make a move. A trader would typically wait for the move to happen and confirm above the neckline before making a trade, but given what LTC has done, it would be very difficult for BTC to not follow. (Not financial advice).
What this means for ETN is a potential move up as we all know when BTC moves, so do the rest of the alts…but ETN has been prone to not follow as closely so you never know.
Make use of this opinion however you wish and may you live long and prosper
I am playing with charts for myself and it looks like we might break the down trend line and now some up movement.
But take this as a joke, because i am far far from professional
just for fun
Nicely done. The ascending triangle pattern could come back into play if we can get above 198 sats with a break out above 202. The market is beyond confusing right now with signals both ways constantly. The erratic behavior is typical of a market starting a new trend. Are we starting to see a trend reversal? I don’t know for sure, but I do like what I see.
I’m still watching BTC closely. If you look at the movement, you’ll see it coiling like a snake ready to strike. The waves are getting shorter and less volatile. I doubt we go another 24 hours without a real volatile movement. I still have my bet of a swing up, but have a stop loss in case of a swing down. I was expecting a move yesterday, but like any good suspense film, the market decided to go another day with and even shorter wave.
EDIT: Added pic from the Coinbase 6 hour chart to show the waves/“coils” I’m referring to